| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 35th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 516 Sheridan St, Zanesville, OH, 43701, US |
| Region / Metro | Zanesville |
| Year of Construction | 1986 |
| Units | 54 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
516 Sheridan St Zanesville Multifamily Investment Thesis
Stabilized renter demand in an inner-suburb setting with improving neighborhood occupancy supports consistent leasing, according to WDSuite’s CRE market data. The 1986 vintage positions the asset competitively versus older local stock while leaving room for targeted modernization.
Situated in Zanesville’s inner-suburb fabric, the property benefits from everyday convenience: grocery and restaurant densities rank near the top among 43 metro neighborhoods and sit in the upper national percentiles, while pharmacies are especially dense. Parks and childcare access are limited, so tenant appeal hinges more on daily retail and services than green space or early education options.
Neighborhood standing is strong overall (top quartile among 43 metro neighborhoods), aided by amenity access and a school rating that sits above the metro average and around the middle-to-upper tier nationally. Median contract rents in the neighborhood remain comparatively low, pointing to a value-oriented positioning that can help sustain occupancy even as rent growth moderates. Based on multifamily property research and CRE market data from WDSuite, neighborhood occupancy is in the mid-80s and has trended higher over five years, suggesting gradually firmer tenant retention at the neighborhood level rather than at this specific property.
Tenure dynamics indicate meaningful depth for multifamily: the neighborhood’s share of renter-occupied housing units is high relative to the metro and in a strong national percentile. That renter concentration supports a sizable tenant base for workforce-oriented product, though the area’s relatively modest household incomes may require disciplined lease management and retention strategies.
Within a 3-mile radius, recent history shows population and household counts edging lower over the last five years, but projections point to a reversal with population growth of roughly nine percent and a larger increase in households by 2028. If realized, that would expand the renter pool and support occupancy stability; investors should underwrite with sensitivity around timing and magnitude of that growth. Elevated home values are not a defining feature locally, which can introduce some competition from ownership options; however, current rent levels and rent-to-income dynamics indicate rentals remain an accessible alternative that can support steady lease-up.
Safety indicators are mixed in context. Compared with neighborhoods nationwide, violent offenses are in a higher safety percentile (top quartile nationally) and property offenses are also better than average, while the broader crime composite trails the national midpoint. Within the Zanesville metro, the neighborhood performs competitively against many peers, but investors should note recent year-over-year volatility in both violent and property categories and monitor trend direction as part of ongoing risk management.
Logistics and distribution employment nearby provides commute-friendly job access that can help sustain renter demand for workforce housing.
- Autozone Distribution Center — logistics & distribution (6.0 miles)
Built in 1986, the 54-unit property is newer than much of the surrounding housing stock, offering competitive positioning versus older assets while leaving room for targeted renovations or systems updates. Neighborhood-level occupancy has improved over the past five years and the share of renter-occupied units is high, supporting a durable tenant base and lease-up resiliency. According to CRE market data from WDSuite, local amenities are a relative strength—especially groceries, restaurants, and pharmacies—supporting day-to-day convenience that aids retention.
Within a 3-mile radius, forward projections indicate population growth and a larger household count by 2028, which would expand the renter pool and underpin occupancy stability. Home values are comparatively accessible in this market, which can introduce competition from ownership; however, current rent levels and rent-to-income dynamics suggest pricing power must be earned through asset quality and management execution rather than assumed.
- 1986 vintage offers competitive positioning versus older neighborhood stock with selective value-add potential
- High renter-occupied share at the neighborhood level supports depth of tenant demand
- Strong daily convenience (groceries, restaurants, pharmacies) enhances retention and leasing continuity
- 3-mile projections show population and household growth, expanding the renter pool
- Risks: crime trend volatility, potential competition from ownership, and capex needs typical of 1980s construction